Mr. Chris De Bruyn reports

CPKC ANNOUNCES US $1.2 BILLION DEBT OFFERING

Canadian Pacific Kansas City Ltd.'s wholly owned subsidiary, Canadian Pacific Railway Company, is issuing $600-million (U.S.) of 4.000 per cent notes due 2029 and $600-million (U.S.) of 5.500 per cent notes due 2056, which will be guaranteed by CPKC.

The offering is expected to close on March 6, 2026, subject to the satisfaction of customary closing conditions.

The net proceeds from the offering will be used primarily for the refinancing of outstanding indebtedness and for general corporate purposes. Until utilized for such purposes, the net proceeds may be invested in short-term investment-grade securities or bank deposits.

The joint active bookrunners for the offering are Goldman Sachs & Co. LLC, Barclays Capital Inc., Citigroup Global Markets Inc. and SMBC Nikko Securities America Inc., together with a syndicate that includes BMO Capital Markets Corp., CIBC World Markets Corp., RBC Capital Markets LLC, Scotia Capital (USA) Inc., BofA Securities Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, ATB Capital Markets Corp., Desjardins Securities Inc., and U.S. Bancorp Investments Inc.

The offering is being made pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission. Copies of these documents may be obtained without charge from the SEC. Alternatively, you may request copies of the prospectus supplement and the accompanying prospectus for the offering by contacting Goldman Sachs & Co. toll-free at 1-866-471-2526, Barclays Capital toll-free at 1-888-603-5847, Citigroup Global Markets toll-free at 1-800-831-9146, and SMBC Nikko Securities America toll-free at 1-888-868-6856.

About Canadian Pacific Kansas City Ltd.

With its global headquarters in Calgary, Alta., Canada, CPKC is the first and only single-line transnational railway linking Canada, the United States and Mexico, with unrivalled access to major ports from Vancouver to Atlantic Canada to the Gulf coast to Lazaro Cardenas, Mexico. Stretching approximately 20,000 route miles and employing 20,000 railroaders, CPKC provides North American customers unparalleled rail service and network reach to key markets across the continent. CPKC is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise.

We seek Safe Harbor.